that of New York Separate it teamed up with the Middle East tiger offer extensive Buy Now and Pay Later (BNPL) tools and white label opportunities, according to a Press release Monday (June 28).
The strategic partnership brings Splitit into the fast-growing United Arab Emirates (UAE) $ 7 billion and Saudi $ 11 billion markets. The technological expansion will provide white label offerings designed to stimulate growth opportunities and broaden revenue streams.
Soon, tabby will integrate Splitit’s BNPL platform via a white label solution that will give tabby merchants the ability to extend payments on credit cards. Integration with Splitit will also give tabby the ability to expand its offerings in several categories. The reconciliation is expected to be completed by the end of the third quarter of this year.
The BNPL tabby supplier serves more than 2,000 merchants in the United Arab Emirates and Saudi Arabia, including Ikea, SHEIN, Marks and Spencer, Adidas and Toys R Us, the statement said.
âThis is a great partnership for us at tabby as it allows us to expand our product offering to existing merchants as well as enter new verticals in the markets we serve,â said Hosam Arab, Founder and CEO tabby. “Splitit has an elegant solution that will integrate seamlessly into our product and complement our financing options for higher value purchases.”
âOur global payments platform is the only solution that takes advantage of credit card payment networks, with the flexibility to expand internationally without the need for major field support,â said said Brad Paterson, CEO of Splitit.
âAfter expanding the capacity of our platform, we can now also offer white label solutions as a way to enter new regions such as the Middle East by partnering with established players who already have a strong presence. on the market. While we remain focused on further penetration of Splitit branded product in the United States, Asia Pacific and Europe, this provides a new source of low cost, high margin revenue that we can easily emulate on other markets, âPaterson added.
PYMNTS ‘ January Buy Now, Pay Later Tracker examines how BNPL options were used during the pandemic by high-income and paycheck-to-paycheck buyers.
the economic conditions brought on by the pandemic have prompted consumers to find alternatives to high-interest debt vehicles to purchase basic necessities and other goods. Some 30 percent of consumers were already using tools such as BNPL as of July 2020.